N2bn Fraud: Court Sentences CEO To One Year In Prison

The Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, Uno Michael Eke, has been sentenced to one year in prison after being convicted of conspiracy, fraud, and money laundering involving N2 billion.

Justice Rosemary Oghoghorie of the Federal High Court in Calabar delivered the ruling after Eke pleaded guilty to four amended charges filed by the Economic and Financial Crimes Commission (EFCC).

The EFCC, in a statement released on its verified X handle, detailed how Eke deceived unsuspecting investors by promising an 80% return on investments within 40 days.

Investigations revealed that he funneled N2 billion through multiple bank accounts to acquire properties in Calabar.

The court sentenced Eke to one year in prison with an option of a N2 million fine. Additionally, he was ordered to forfeit multiple properties, including apartment buildings and land, to the federal government.

The court also directed that all recovered funds be returned to the victims of the fraud.

Eke’s conviction underscores the EFCC’s ongoing crackdown on financial fraud, highlighting the risks of fraudulent investment schemes.